The Major Energies Marketers Association of Nigeria (MEMAN) has said that the implementation of the Petroleum Industry Act (PIA) remains firmly on track.
The organisation made the submission at its Q1 2025 Press Training & Engagement held in Lagos on Wednesday, March 26. The session brought together industry experts to provide critical insights into the evolving energy sector.
According to MEMAN, while ongoing debates and discussions are expected, they should be encouraged as part of the natural evolution of a market-driven energy sector. The transition from a state-controlled system to a competitive, deregulated market is essential for fostering efficiency, transparency, and long-term economic growth, added the group.
“However, this transition requires patience, adaptation, and trust. As the market stabilises, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realise the benefits of this transformation. A well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.”
As key industry stakeholders, MEMAN says it supports the role of regulatory agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring a fair, competitive, and well-regulated marketplace.
“It is imperative that their efforts remain focused on market stability, consumer protection, and building public confidence in the reform process,” noted MEMAN.
The session featured two distinguished speakers:
- Engr. Mark Williams, a petroleum refining expert, who delivered an in-depth presentation on the fundamentals of refining crude oil, the types of refineries, and the key processes involved.
- James Gooder, VP, Crude Oil, Argus Media, who led a session on gasoline pricing and the benefits of adopting trade and product flows, highlighting how global pricing mechanisms influence Nigeria’s downstream market.
MEMAN states that engagements like this, which foster industry dialogue and thought leadership, are precisely what it expects, encourages, and believes are essential for market growth and development.